MARKETS TODAY Dec 14 (Vica Partners) – Stocks gave up earlier gains and major indices faded throughout the session upon news that the Fed delivered its highly anticipated 50 basis point rate hike at the conclusion of its December policy meeting. The top performing sectors today were Heath Care, up +0.28% and Consumer Staples +0.21%.
The S&P 500 (^GSPC) declined 0.61%, while the Dow Jones Industrial Average (^DJI) dropped by 0.42%, or 142 points. The technology-heavy Nasdaq Composite (^IXIC) declined by 0.76%.
Key Market Statistics
- S&P 500, Dow and Nasdaq all down today
- Top performing sector today was the Health Care, rising 0.28%
- The Financials and Information Technology sectors were the biggest laggards, down 0.91% and 0.82%
- Greed Index today was 60 (greed)
- 10-year Treasury yield slightly negative at 3.481%, the 2 year Treasury yield flat at 4.222%
- S. Dollar Index (DXY) to $103.58, down 0.38%
- Bitcoin at $17,842 up 0.39% and Gold at $1807.47, down 0.12%
- Oil prices over +2.5% and continue to rise this week, Brent crude currently at $82.82, +2.65% and US West Texas Intermediate currently at $77.38, +2.64%
Today the Federal Reserve raised interest rate by 0.50 percentage points to solve for ongoing inflation The Fed’s forecasts a terminal rate at 5.1% for 2023
The Federal Reserve raised the target range for the federal funds rate by 50bps to 4.25% during its December 2022 meeting, marking its six yearly rate hike and pushing borrowing costs to a new high since 2008. Fed officials also forecasting to raise rates to 5.1% and plan to keep rates higher through next year with no reductions until 2024.
Vica Momentum Stock Report
Pharming Group NYSE (PHAR) (Grade B+) 50 Day Average +5.42%, 100 Day Average +48.81%, 200 Day Average +23.28%, Year to Date +26.17%.
Pharming Group N.V. is a commercial stage biopharmaceutical company. It engages in developing protein replacement therapies and precision medicines for the treatment of rare diseases and unmet medical needs. The company’s product portfolio includes C1INH.
Market Outlook
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